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Building materials: part 3a (BLDR, AEP.V)

Posted By scuttleblurb On In [BLDR] Builders FirstSource | Comments Disabled

Related posts:Building materials: part 1Building materials: part 2a (LPX, JHX)Building materials: part 2b (TREX, AZEK)In Part 1 of this series, I described the steps by which an ocean of building materials are titrated out to end users. Below is a stylized illustration of the value chain from the perspective of BlueLinx, a two-step distributor, who […]

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[DOOR – Masonite Intl] Reasonable Valuation, So-So Moat

Posted By scuttleblurb On In [DOOR] Masonite Intl | Comments Disabled
[DOOR – Masonite Intl] This stock got smoked last week post-earnings.  DOOR is now back to where it was at the start of 2014, when the company was generating less than half the pre-tax cash profits it does today. If you’re unfamiliar, Masonite and Jen-Weld (JELD) are vertically integrated duopolists in the US residential interior door manufacturing […]
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[GNRC – Generac] Value Come, Value Go

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I finally got around to looking at GNRC this past week. Given the stock’s ostensibly low earnings multiple and a share price that has gotten hammered over the last several years on what appears to be mostly cyclical reasons, I wanted to like the company but couldn’t get there.  Disclosure is spotty, management seems slippery, […]

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[LEN – Lennar] Valuation Update

Posted By scuttleblurb On In [LEN] Lennar | Comments Disabled

LEN’s y/y home delivery growth has decelerated significantly over the last several years (from mid-teens in fy14 to 9.5% LTM), but in chorus with other builders, the company is singing an optimistic refrain post-Trump. “Since November we have seen a combination of renewed optimism, wage and job growth, and consumer confidence. As a result, our homebuilding […]

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